US Teleradiology Market Size 2020: Growth Factors, Business Opportunity, Trend, Segmentation and Forecast to 2026
Pune, Maharashtra, India, December 22 2020 (Wiredrelease) Brandessence Market Research and Consulting Pvt ltd –:Global Teleradiology Market is valued at USD 3.453 Billion in 2019 and expected to reach USD 8.024 Billion by 2026 with the CAGR of 12.80% over the forecast period.
Increasing prevalence of chronic diseases, rising R&D activities related to eHealth and technological advancement in healthcare industry are expected to boost the growth of teleradiology market over forecast period.
Scope of Global Teleradiology Market Reports –
Teleradiology is defined as the practice of using network technology for the purpose of transmission of radiological patient images diagnosis such as x-rays, CTs and MRIs from one location to another for the purposes of sharing studies with other radiologists and physicians. Teleradiology improves patient care by allowing radiologists to provide services by removing the distance barrier and take care of the patient without actually having to be at the location of the patient. Hence, this is particularly important when a sub-specialist such as a MRI radiologist, neuroradiologist, pediatric radiologist, or musculoskeletal radiologist is needed during emergencies.
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The recent practice is becoming widely implemented by hospitals, urgent care clinics and specialist imaging companies. However, the reason for its increased implementation is because it addresses the lack of adequate staff to provide radiological coverage and the lack of expertise in this speciality. Recently, teleradiology was only used in emergencies with the introduction of the internet, this practice started to spread very fast. This is as easy to send images as it is to send emails that have attachments. These are now computer programs that are dedicated specifically to the transmission of radiological images. Here, the developments result in teleradiology turning into a significant medical practice and it continues to grow in importance.
The doctor may want to use teleradiology in order to collaborate and consult with other doctors who are in other locations that he may not be able to without the technology. These helps with diagnosis, and frequently helps with getting a second opinion and assist with symptom control. Many times, it might be the first opinion since there might not be a radiologist available in the hospital. Moreover, the process of teleradiology in essence is based on a fundamental triad; an image sending station, a transmission network and a image retrieval station that should have a high-quality display screen. As well, more recent technology innovations include the incorporation of cloud for redundancy and cost reduction mobile technologies for greater access and sophisticated teleradiology workflow that enhances radiologist productivity provide performance metrics and track quality. The teleradiology improves client care by enabling radiologists to supply their expertise without necessarily being at the same location as the patient. This is especially essential when radiologist subspecialists such as MRI radiologists, pediatric radiologists, neuro-radiologists are required, because these specialists are few in number and typically located in metropolitan cities.
Some major key players for Global Teleradiology Market are,
NSiemens AG, Everlight Radiology. Fujifilm Medical Systems, Inc, Teleradiology Solutions, Radiology Reporting Online (RRO), Medical Reporting Ltd, Radisphere National Radiology Group, Inc, Sectra Imtec AB, Ramasift Inc, Alta Vista Teleradiology, 4ways Limited, Spectra AB, Cybernet Medical Corporation, Agfa-Gevaert Group, StatRad, LLC, Mednax, Inc., GE Healthcare, Koninklijke Philips N.V, Others
The regions covered in this teleradiology market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Global Teleradiology Market Segmentation –
By Product Type: X-rays, Computed Tomography (CT), Ultrasound, Magnetic Resonance Imaging (MRI), Nuclear imaging, Fluoroscopy, Mammography, Others
By Application: Hospitals, Ambulatory Surgical Centers, Diagnostic Centers, Others
Global Teleradiology Market Dynamics –
The rapidly increasing prevalence of the long-term diseases and increasing emergency cases in the less developed section are expected to drive the growth of teleradiology market. Hence, the increasing incidence of chronic diseases such as breast cancer, cellulitis, and osteomyelitis and growing number of emergency cases in less developed regions are further expected to drive the market. According to the World Health Organization (WHO) in 2015, the research-based pharmaceutical industry is particularly economically active in production and R&D in certain countries. Globally, the production value of the pharmaceutical industry amounted to 997 billion more than 345 billion, the pharmaceutical industry accounted for 3.8% of the gross value added in manufacturing worldwide. Rising penetration of technology into healthcare practice is expected to drive the demand for teleradiology during the period of study. According to the World Health Organization (WHO), the research-based pharmaceutical industry is estimated to have spent nearly 149.8 billion globally on pharmaceutical R&D in 2015.However, the increasing digitalization that aids in enhancing the teleradiology process, and low costs as compared to other modalities. Teleradiology, the electronic transmission of radiological images from one location to another for consultation purposes, has successfully entered routine health services and by many accounts, now ranks as telemedicine’s largest field. This technology is predicted to play a significant role in improving service to rural areas, and has the potential to alleviate the current shortage of radiologists.
However, teleradiology services are currently characterized by a compromise between expense and quality of digital images, as well as billing and reimbursement obstacles, quality of care concerns and state licensure requirements. The Advantages of teleradiology can be an effective means of distributing radiological services. In addition, the teleradiology has become a necessity for healthcare facilities to outsource some of their imaging interpretation needs. Small hospitals with no staff radiologist can send images to teleradiology providers throughout the world making it possible to have images read within minutes rather than days. The benefits of Hospitals that are focused on general radiological services can use teleradiology to send images of complex problems to major medical centers for evaluation. In addition, the teleradiology a clinical radiologist may seek a second opinion from a specialist without transferring the patient thus minimizing patient discomfort and improving efficiency of service delivery. There is immense pressure on radiologists, given the huge volume of images being produced worldwide combined with the shortage of radiologists.
Global Teleradiology Market Regional Analysis –
Geographically, North America held the largest market share is projected to maintain its dominance over the forecast years. Growing target population base, increasing prevalence of chronic diseases and presence of major market players are the major factors contributing to the region’s leading position. In addition, developed infrastructure, supportive government initiatives, and increasing demand for efficient teleradiology solutions are likely to drive the regional market. According to the World Health Organization (WHO) in 2016, the pharmaceutical industry United States share of global spending will increase from 461.7 billion to 645-675 billion in 2021. The North America was followed by Europe and Asia-Pacific as second and third largest markets for teleradiology market.
According to the World Health Organization (WHO) in 2016, the pharmaceutical R&D industry while the European share of spending will grow from 151.8 billion to 170-200 billion. Meanwhile, pharmerging countries about 315-345 billion in from 242.9 billion in 2021. Asia Pacific is projected to have the fastest growth, owing to rapidly developing medical infrastructure, increasing medical tourism, increased spending, and increasing awareness amongst population in developing nations such as China and India in this region. Therefore, hospitals and organizations are looking to tap this unexplored market considering the benefits at the bottom of the pyramid. This is expected to increase the demand for cost-effective diagnostic interventions, such as teleradiology services, especially in countries with inefficient coverage policies.
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